v3.26.1
Loans and Preferred Equity Held for Investment, net - Summary of Loans and Preferred Equity Held for Investment by Year of Origination and Credit Quality Risk Ranking (Details)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year $ 531,509 $ 735,136
Year one 672,301 79,019
Year two 83,129 14,692
Year three 15,105 753,595
Year four earlier 1,591,619 1,095,873
Total 2,893,663 2,678,315
Current year, Gross write-offs 0 0
Year one, Gross write-offs 0 0
Year two, Gross write-offs 0 0
Year three, Gross write-offs 0 25,137
Year four and earlier, Gross write-offs 3,626 77,307
Total, Gross write-offs $ 3,626 $ 102,444
Average risk rating 3.0 3.1
Senior loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year $ 530,876 $ 723,723
Year one 656,780 79,019
Year two 83,129 0
Year three 0 719,218
Year four earlier 1,591,619 1,095,873
Total 2,862,404 2,617,833
Senior loans | Risk Ranking 3    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 530,876 723,723
Year one 656,780 79,019
Year two 83,129 0
Year three 0 630,338
Year four earlier 1,458,783 965,963
Total 2,729,568 2,399,043
Senior loans | Risk Ranking 4    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 0
Year one 0 0
Year two 0 0
Year three 0 0
Year four earlier 132,836 65,123
Total 132,836 65,123
Senior loans | Risk Ranking 5    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year   0
Year one   0
Year two   0
Year three   88,880
Year four earlier   64,787
Total   153,667
Mezzanine loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 0
Year one 0 0
Year two 0 14,692
Year three 15,105 34,377
Year four earlier 0 0
Total 15,105 49,069
Mezzanine loans | Risk Ranking 3    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 0
Year one 0 0
Year two 0 14,692
Year three 15,105 34,377
Year four earlier 0 0
Total 15,105 49,069
Preferred equity interests    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 633 11,413
Year one 15,521 0
Year two 0 0
Year three 0 0
Year four earlier 0 0
Total 16,154 11,413
Preferred equity interests | Risk Ranking 3    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 633 10,327
Year one 12,455 0
Year two 0 0
Year three 0 0
Year four earlier 0 0
Total 13,088 10,327
Preferred equity interests | Risk Ranking 4    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 1,086
Year one 3,066 0
Year two 0 0
Year three 0 0
Year four earlier 0 0
Total $ 3,066 $ 1,086